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©  Uniierwood  &  Underwood 


ALBERT  H.  WIGGIN 

PRESIDENT 


^Uhe  CHASE  NATIONAL  BANK 

of  {he  CITY  of  NEW  YORK 

THE  Chase  iNational  Bank  of  the  City  of  New  York  reached  the  torty- 
fifth  anniversary  of  its  founding  on  September  12,  1922,  and  though 
still  one  of  the  younger  banks  in  point  of  years,  it  has  become  the 
second  largest  national  bank  in  the  United  States.  To  its  upbuilding  have 
been  dedicated  the  foresight,  the  courage,  the  unremitting  toil  and  devotion 
of  many  men  both  great  and  obscure.  They  have  wrought  with  wisdom 
and  with  the  lasting  tools  of  integrity  and  character.  The  firm  and  healthy 
growth  which  they  have  established,  nourished,  and  directed  has  not  yet 
measured  the  possibilities  of  its  future.  In'  the  light  of  the  past  only  may 
it  be  gauged,  and  the  only  prevision  of  its  destiny  is  to  be  found  in  the 
ruggedness  of  its  early  growth. 

A  small  group  of  men,  five  in  number,  met  on  September  12,  1877,  at 
1 17  Broadway,  to  organize  the  Chase  National  Bank.  These  men,  the  sole 
original  shareholders  and  the  first  Board  of  Directors,  were: 

Samuel  C.  Thompson,  New  York  City 
John  Thompson,  New  York  City 
Isaac  W.  White,  New  York  City 
Francis  G.  Adams,  Coxsackie,  New  York 
Lewis  E.  Ransom,  Hempstead,  New  York 

The  Bank  was  opened  the  following  week,  on  September  20,  1877,  at 
117  Broadway,  with  a  capitalization  of  $300,000.  The  next  day  deposits 
stood  at  114,738.20.  Approximately  three  months  later,  on  January  2, 
1878,  the  total  amount  owing  depositors,  both  banks  and  individuals, 
passed  half  a  million, — the  figures  being  $628,625.85 — and  the  undivided 
profits  account  showed  $1438.50.  Thus  it  appears  that  the  young  bank 
took  hold  of  life  with  enthusiasm. 

What  of  the  men  who  gave  it  this  auspicious  beginning?  Of  its  five 
organizers  the  Thompsons,  father  and  son,  were  the  prime  movers.  The 
interest  of  the  other  three  men  was  minor  as  compared  with  that  held  by 
the  Thompsons.  Lewis  E.  Ransom  was  an  importer  of  drugs  in  Maiden 
Lane,  Francis  G.  Adams  had  been  a  banker  in  Chicago,  and  Isaac  W.  White 
was  a  member  of  the  firm  of  White  Bros.  &  Olivet,  dry  goods  dealers  in 
Poughkeepsie. 


M19792 


THE  CHASE  NATIONAL  BANK 


John  Thompson,  who  had  begun  his  career  as  a  school  teacher,  had 
nevertheless  been  in  Wall  Street  most  of  his  life.  We  read  of  him  in  The 
Sun  of  September  15,  1877: 

For  fifty  years  the  name  of  John  Thompson  has  been  known  in  Wall 
Street,  where  he  has  pursued  an  old-fashioned,  conservative  line  of  bank- 
ing and  ^njassed  an  immense  fortune. 

•  ••••••   1 

•  •   *  *•  •  •   * 

At  the  tiVrte'hS'quganized  the  Chase  National  Bank,  John  Thompson  was 
^eVfh/y^five'ja^^r^^.bld.  His  record  for  financial  sagacity  was  well  known 
Al-oti'ghburthe  country,  and  it  was  said  of  him  that  he  had  a  better  under- 
standing of  the  true  functions  of  bank  notes  than  any  man  in  the  United 
States.  Thompson's  Bank  Note  Reporter,  which  he  issued  for  many  years, 
was  the  reliable  source  of  information  on  the  value  of  the  state  bank  cur- 
rency and  was  in  constant  demand.  Prior  to  the  National  Bank  Act,  it 
will  be  remembered,  state  banks  issued  notes,  and  the  value  of  these  notes 
varied  according  to  the  soundness  of  the  bank  which  issued  them.  This 
fact  made  it  necessary  for  the  public  to  protect  itself,  as  far  as  possible,  by 
keeping  constantly  informed  of  the  current  quotations  on  the  various  notes. 

The  evils  of  this  situation  were  particularly  evident  to  John  Thompson, 
and  so  it  is  natural  to  find  him  a  great  admirer  and  supporter  of  Salmon 
P.  Chase,  the  man  who  finally  abolished  the  evil  and  put  the  bank-note 
currency  of  the  United  States  on  a  uniform  basis. 

Chase,  Lincoln's  Secretary  of  the  Treasury,  came  into  office  in  1861 
and  at  once  endeavored  to  get  Congress  to  pass  a  national  banking  act 
by  which  a  national  system  of  banks  would  be  created,  regulated  by  the 
national  government,  and  given  the  power  to  issue  notes,  secured  by  gov- 
ernment bonds.  This  would  have  given  a  market  for  the  government 
bonds,  which  was  sorely  needed  at  that  time,  and  have  done  away  with 
the  bewildering,  unsafe,  and  altogether  objectionable  practice  of  diverse 
issues  by  state  banks.  Not  until  1863  did  Chase's  fight  for  the  unification 
of  the  bank-note  currency  of  the  country  meet  with  any  measure  of  suc- 
cess. Then  at  last  the  National  Banking  Act  was  passed,  though  much 
modified,  so  that  several  years  more  were  needed  before  its  purpose  was 
accomplished.  Finally  a  sufficiently  heavy  tax  was  levied  upon  the  issues 
of  state  banks,  to  make  it  preferable  for  them  to  enter  the  national  system, 
and  to  bring  about  the  demise  of  the  state  bank  circulation. 

John  Thompson  and  his  son  Samuel  organized  the  First  National  Bank 
in  New  York  City  immediately  after  the  passage  of  the  National  Bank 
Act  in  1863  and  remained  its  active  managers  until  1877.  The  way  of  the 
new  national  institution  was  not  smooth  at  first,  for  there  was  considerable 
opposition  to  the  national  system  from  the  banks  of  the  city.  However, 
the  wise  management  of  the  bank  by  the  Thompsons,  and  the  action  of 


OF  THE  CITY  OF  NEW  YORK 


Prom  an  engraving  by  A.  H.  Ritchie 

SALMON  PORTLAND  CHASE 

Secretary  Chase  in  making  it  a  government  depositary,  soon  brought  the 
new  institution  into  safe  waters. 

In  1877,  having  sold  their  interest  in  the  First  National,  John  and 
Samuel  Thompson  started  afresh  at  the  task  of  launching  a  new  national 
bank,  and  this  one  they  named  for  the  father  of  all  national  banks,  Salmon 
P.  Chase. 

As  the  country  in  1877  had  not  by  any  means  recovered  from  the 
economic  dislocations  caused  by  the  Civil  War.  it  was  thought  by  many  a 
poor  time  to  start  a  new  financial  enterprise.  Quoting  again  from  The  Sun 
of  that  day  we  learn  John  Thompson's  attitude  on  this  point: 

Mr.  John  Thompson,  the  veteran,  was  asked  yesterday  if  he  didn't 
think  this  rather  a  risky  time  to  start  such  an  enterprise.  He  said:  "I 
have  just  come  from  the  Dry  Goods  Bank,  which  is  closing  up  its  affairs. 
I  told  them  there  that  this  is  just  the  time  to  start  a  bank.    Everything 


THE  CHASE  NATIONAL  BANK 


^^^^t>*OLJ^ 


U 


From  Rhodes  Journal  of  Banking^      The  signature  Is  a  facsimile  ot  tlie 
last  one  Mr.  Thompson  wrote 


is  at  the  ebb.  Everything  has  touched  bottom  and  got  as  low  as  it  can. 
If  there  be  any  change  at  all  it  must  be  for  the  better.  A  bank  which 
has  no  real  estate,  not  a  debt  in  the  world,  no  law  suits,  and  plenty  of 
cash  need  fear  nothing. 


Thus  we  see  that  the  Chase  National  Bank  received  an  early  baptism 
of  fearlessness. 


OF  THE  CITY  OF  NEW   YORK 


The  first  statement  of  condition  was  issued  by  the  Chase  National  Bank 
on  December  29,  1877.  The  report  was  accompanied  by  a  letter  which  is 
interesting  not  only  as  shedding  light  upon  the  early  success  of  the  Bank, 
but  as  being  in  reality  one  of  its  first  advertisements.  Mr.  Thompson 
would  undoubtedly  be  horrified  to  hear  this  stately  document  called  an 
advertisement,  yet  in  the  best  sense  it  is  just  that. 

CHASE  NATIONAL  BANK 

117  Broadway,  after  Jan.  75,  1878,   104  Broadway 

New  York,  December  29th,  1877. 

The  long  experience  in  banking,  the  abundant  success  of  the  past  four- 
teen years,  as  founders  and  managers  of  the  First  National  Bank  of  New 
York  City,  and  the  close  personal  attention  given  to  the  business  in  all 
its  details  as  founders  and  managers  of  this  Bank,  warrant  us  in  again 
asking  the  attention  of  all  parties  actively  engaged  in  the  inonied  opera- 
tions of  this  country. 

Three  months  ago  the  business  men  of  this  country  were  surprised  by 
the  opening  of  the  Chase  National  Bank,  and  at  that  time  and  since  the 
question  has  been  frequently  asked,  why  a  bank  should  be  opened  at  a 
time  when  so  many  old  institutions  were  undergoing  the  process  of  liqui- 
dation and  dissolution,  indicating,  as  they  argued,  a  dangerous  and 
uncertain  time  to  start  a  new  enterprise,  particularly  of  that  kind. 

The  founders  of  the  Chase  National  Bank,  however,  viewed  the 
situation  in  an  entirely  different  light,  believing  the  proper  time  was 
at  hand  for  successfully  opening  an  institution  with  a  liberal  capital, 
absolutely  known  to  be  perfectly  sound  and  clean,  free  from  bad  and 
suspended  debts,  doubtful  securities,  lawsuits,  depreciated  real  estate,  and 
the  numerous  entanglements  consequent  upon  the  great  revolution  in 
trade  during  the  past  few  years,  and  under  the  control  and  guidance  of 
experienced  persons  having  a  known  reputation  for  safe,  careful,  sound, 
conservative  views  and  actions. 

The  growth  of  the  business  for  the  short  period  of  three  months 
proves  they  were  correct,  for  the  success  of  this  new  Bank  has  Surpassed 
the  most  sanguine  expectation  of  its  founders,  and  with  just  pride  they 
herewith  submit  a  statement  of  its  present  condition,  being  the  first  issued. 

It  is  the  determination  of  the  founders  and  managers,  to  merit  a 
continuance  of  the  confidence  so  freely  expressed  and  shown  in  all  quar- 
ters, by  strictly  adhering  to  their  former  sound  conservative  course  of 
holding  the  deposits  of  the  Bank  at  all  times  in  cash,  or  in  demand 
loans,  protected  by  choice  securities,  and  having  its  Capital  and  Surplus 
only  in  discounts,  and  in  all  the  details  of  the  business,  looking  more  to 
safety  and  security  than  to  profits. 

It  is  furthermore  the  intention,  to  furnish  correspondents  and  dealers 
a  statement  every  time  a  report  is  called  for  by  the  Comptroller,  and  in 
addition,  to  freely  show  to  dealers  at  all  times  upon  request,  the  situa- 
tion of  the  Bank. 

The  terms  for  accounts  will  always  be  as  liberal  as  those  of  any  safe, 
sound,  and  properly  conducted  Bank  in  the  city. 


THE  CHASE  NATIONAL  BANK 


We  propose  to  continue  to  give  careful  attention  to  the  placing  of 
Bonds  at  Washington  for  circulation,  to  the  withdrawal  or  exchange  of 
the  same,  TO  THE  COLLECTING  OF  INTEREST  ON  THE  SAME, 
to  the  maintenance  of  the  five  per  cent.  Reserve  fund,  and,  in  fact,  to 
everything  pertaining  to  this  branch  of  the  banking  business,  as 
promptly  and  with  as  little  cost  to  our  correspondents  as  possible. 
Orders  for  Bonds  and  Stocks  will  be  promptly  attended  to. 

We  desire  to  express  our  thanks  to  our  patrons,  who  have  already 
honored  us  with  their  confidence  and  correspondence,  and  to  invite  all 
who  are  contemplating  a  change  of  accounts  to  correspond  with  us. 

Samuel  C.   Thompson,  President, 
Jno.  Thompson,  Vice-President, 
Isaac  W.  White,  Cashier. 


FIRST  REPORT  OF  THE  CHASE  NATIONAL  BANK  OF  THE 
CITY  OF  NEW  YORK,   DECEMBER  27,   1877 

Resources 

U.  S.  Bonds,  to  secure  Circulation $    125,000.00 

Premium  on  U.  S.  Bonds,  for  Circulation 9,062.50 

United  States  Bonds  319.72 

Demand  Loans   545,100.00 

Bills  Discounted   107,416.57 

Due  from  Banks  (Collections) 33,035.95 

American  Exchange  National  Bank  (Currency) 49,183.93 

American  Exchange  National  Bank  (Gold) 1,477.92 

Legal  Tenders  |62,136.00 

Gold    88,956.25 

Five  per  cent.  Redemption  Fund  with  U.  S. 

Treasurer    5,625.00 

156,717.25 

Specie-Silver    493.69 

Checks  and  other  Cash  Items 469.33 

Bills  of  other  National  Banks 7,717.00 

Overdrafts    381.69 

Furniture  and  Fixtures 1,780.43 

Expense  Account  3,193.35 

Interest  Credited  Correspondents 659.92 

11,042,009.25 

Liabilities 

Capital  Stock  paid  in I    300,000.00 

Profit  and  Loss $    1,641.57 

Interest  4,345.05 

Discount   2,085.89 

8,072.51 

Circulation    112,500.00 

Due  to  other  National  Banks 173,327.74 

Due  to  State  Banks  and  Bankers 168,686.40 

Certificates  of  Deposit   13,919.56 

Individual  Deposits  246,721.29 

Gold  Deposits  13,031.75 

615,686.74 

Certified  Checks   ^.750.00 

11,042,009.25 


^ 


OF  THE  CITY  OF  NEW  YORK 


There  follows  a  list  of  the  Directors,  the  Cashier's  statement,  and  an 
attestation  by  notary.  At  the  close  we  find  this  explanation  of  one  of  the 
items: 

The  deposit  in  the  American  Exchange  National  Bank  of  $49,183.93 
currency  and  $1477.92  gold,  is  against  checks  and  drafts  coming  through 
the  Clearing  House,  which  are  honored  by  that  Bank;  giving  us  all  the 
advantages  of  a  clearing  house  membership,  until  such  time  as  it  is  to 
our  interest  to  join  and  make  our  clearances  direct. 

The  Chase  National  Bank  is  a  designated  and  approved  "Reserve 
Depository"  for  National  Banks,  and  now  acting  as  such  for  many. 


In  the  fall  of  1878  the  Chase  National  Bank  became  itself  a  member  of 
the  Clearing  House. 

As  announced  in  the  letter  above,  the  Bank  moved  to  its  permanent 
quarters  at  104  Broadway  on  January  15,  1878.  It  occupied  the  first  floor 
of  the  high-stooped,  three-story-and-basement  building  which  then  stood 
just  below  the  corner  of  Pine  Street  and  Broadway.  Here  one  might  see 
the  venerable  John  Thompson  any 
day  up  to  three  o'clock,  for  he  was  a 
hard  worker  and  constant  in  atten- 
dance at  the  Bank  in  spite  of  his  sev- 
enty-five years.  But  at  three  o'clock 
regularly  he  started  for  home,  taking 
the  Madison  Avenue  stage,  which 
was  one  of  the  principal  methods  of 
transportation  "up-town"  in  those 
days  before  the  trolley  cars,  ele- 
vated railways  or  subways  were 
known.  The  telephone  was  a  very 
new  invention  at  the  time  the  Chase 
was  opened,  but  when  it  began  to 
come  into  general  business  use  an 
instrument  was  installed  at  the  Bank. 
After  a  month,  however,  it  was 
summarily  removed,  for  Mr.  John 
Thompson  averred,  in  no  uncertain 
terms,  that  it  was  "a  damn  nuisance, 
with  all  the  brokers  calling  up  for 
loans  at  three  o'clock." 

A  press  report  describes  Mr.  John 
Thompson  as  he  was  seen  every  day 
at  the  Bank  in  these  words: 


I04 


ROADWAY.. 


10  THE  CHASE  NATIONAL  BANK 

Mr.  Thompson  was  accustomed  to  sit  within  a  railed  off  corner  near 
the  door,  a  quaint  figure  to  those  who  were  not  familiar  with  the  dress 
and  manners  of  an  earlier  generation.  Home  knitted  woolen  stockings 
were  freely  displayed,  the  linen  was  immaculate  but  of  the  fashion  of 
1850.    The  collar  was  of  the  type  known  in  anti-war  days  as  a  "dickey." 

In  politics  Mr.  Thompson  was  a  disciple  of  Henry  Clay,  and  remained 
always  an  ardent  protectionist. 

John  Thompson  never  took  a  bond  of  any  employee,  but  kept  always 
in  close  touch  with  each  one  under  him.  This  was  not  difficult  at  first,  for 
when  the  Bank  opened  there  were  just  four  clerks.  One  of  these  was 
Charles  C.  Slade,  now  Assistant  Cashier  of  the  Bank. 

Mr.  Slade  was  employed  by  Mr.  Thompson  on  September  15,  1877. 
five  days  before  the  Bank  opened.  He  had  been  with  the  Dry  Goods  Bank, 
in  the  liquidation  of  which  he  was  helping  at  that  time;  Mr.  Thompson 
visited  the  Dry  Goods  Bank  in  regard  to  the  purchase  of  some  of  its  equip- 
ment, and  took  Mr.  Slade  away  with  him  to  help  open  the  new  Chase 
National.  Mr.  Slade  acted  as  Paying  Teller  until  April,  1879,  when  he 
was  made  Assistant  Cashier.  When  Mr.  Adams  resigned  as  Director  in 
February,  1883,  Mr.  Slade  was  elected  a  Director  to  take  his  place,  serv- 
ing in  that  capacity  until  the  Bank  came  under  new  management  in  1886. 
On  Ma}^  27,  1885,  he  was  appointed  Cashier,  resigning  December  1,  1886, 
and  resuming  his  position  as  Assistant  Cashier,  which  he  has  held  uninter- 
ruptedly to  the  present  time. 

As  a  matter  of  interesting  comparison  between  the  Bank  as  it  was  then 
and  as  it  is  to-day,  Mr.  Slade  tells  us  that  the  first  month's  rent  of  the 
Chase  National  Bank  was  |150.  This  was  for  the  ground  floor  of  117 
Broadway,  a  space  twenty-five  feet  in  width.  The  original  furnishings 
were  purchased  for  |1000. 

At  104  Broadway  the  four  officers  occupied  a  space  smaller  than  one 
of  the  private  offices  of  to-day,  and  the  entire  banking  space  would  have 
appeared  lost  in  the  present  main  corridor. 

Business  increased  steadily,  and  in  January,  1884,  with  a  capital  of 
1300,000,  surplus  of  |250,000,  undivided  profits  of  over  $8000,  and  total 
deposits  of  |6,096,326,  it  was  manifest  that  John  Thompson  had  been 
right  in  estimating  his  ability  to  start  a  bank  successfully  in  the  depressed 
year  of  1877. 

April,  1884,  brought  the  first  administration  to  an  end  by  the  death  of 
the  first  President  of  the  Bank,  Colonel  Samuel  C.  Thompson.  His  father 
succeeded  him  in  the  presidency,  so  there  was  no  change  of  policy,  but 
John  Thompson  was  approaching  the  time  when  he  was  ready  to  give  up 
the  heavier  responsibilities  of  his  business  life.  He  had  chosen  to  take 
the  vice-presidency,  rather  than  the  presidency,  from  the  beginning,  and 


OF  THE  CITY  OF  NEW   YORK  11 

now  circumstances  had  forced  him  to  assume  the  full  task  of  leadership. 
It  was  not  for  long,  however. 

In  January,  1886,  the  number  of  Directors  was  increased  to  seven,  and 
William  H.  Akin,  John  G.  Moore,  and  Alfred  C.  Mintram  were  elected  to 
the  directorate.  Of  these  men  Mr.  Moore  was  the  outstanding  figure.  He 
was  head  of  the  firm  of  Moore  &  Schley,  private  bankers,  and  one  of 
the  most  influential  men  in  Wall  Street  at  that  time. 

The  year  1886  marked  the  beginning  of  a  new  period  in  the  growth  of 
the  Chase  National  Bank.  In  the  autumn  of  that  year  Mr.  Henry  W. 
Cannon  became  President  of  the  institution.  Mr.  John  Thompson  resumed 
his  position  as  Vice-President,  in  which  capacity  and  that  of  Director  he  re- 
mained until  his  death  in  1891;  but  with  the  accession  of  Mr.  Cannon  to 
the  presidency,  the  founder  of  the  Bank  laid  down  the  heavy  responsibili- 
ties of  leadership  from  which  his  advanced  age  and  long  record  of  accom- 
plishment entitled  him  to  release. 

With  the  new  administration  came  several  changes  in  the  directorate. 
Mr.  Mintram  and  Mr.  Akin  resigned  on  October  29,  their  places  being 
taken  by  Mr.  Cannon,  and  Edward  Tuck,  formerly  American  Consul  in 
Paris  and  later  a  member  of  the  firm  of  Monroe  &  Co.,  bankers,  of  New 
York  and  Paris.  On  November  5,  Mr.  Ransom,  Mr.  F.  T.  Adams  (a 
son  of  Francis  G.  Adams,  who  had  been  made  a  Director  the  previous 
year),  and  Mr.  Slade  resigned,  and  their  places  were  filled  by  the  election 
of  General  Samuel  Thomas,  Hon.  Calvin  S.  Brice,  and  Mr.  Oliver  H. 
Payne.  Shortly  thereafter,  on  December  1,  1886,  the  appointment  of  Mr. 
William  H.  Porter  as  Cashier  completed  the  new  administration. 

General  Thomas,  who  had  won  the  rank  of  brigadier  in  the  Civil  War, 
was  a  close  friend  of  the  Hon.  Calvin  S.  Brice,  former  United  States  Sen-' 
ator  from  Ohio,  and  both  men  had  been  associated  in  the  building  of  the 
Nickel  Plate  Railroad  and  in  the  development  of  other  railroads  of  the 
Middle  West  and  South. 

Henry  White  Cannon,  the  new  guiding  power  of  the  Chase  National 
Bank,  was  a  native  of  Delhi,  Delaware  County,  New  York.  He  had  gone 
west  at  the  age  of  twenty  to  seek  his  fortune  in  Minnesota,  where  he  was 
at  first  associated  with  the  Second  National  Bank  of  St.  Paul.  In  1871  he 
organized  the  Lumberman's  National  Bank  at  Stillwater,  one  of  the  most 
important  manufacturing  towns  of  Minnesota.  For  thirteen  years  he  was 
Cashier  and  Manager  of  this  institution,  and  active  in  the  development 
of  his  community  as  Secretary  of  the  Chamber  of  Commerce  and  as  Secre- 
tary, Treasurer,  and  Manager  of  the  Water  and  Gas  Companies.  Here, 
to  use  the  words  of  Mr.  Hepburn,  "he  earned  a  reputation  for  business 
sagacity  coupled  with  sterling  integrity,  and  the  success  he  achieved  soon 
carried  his  reputation  beyond  the  confines  of  his  own  State.    In  February, 


12 


THE  CHASE  NATIONAL  BANK 


1884,  a  vacancy  occurred  in  the  office  of  the  Comptroller  of  the  Currency, 
and  public  sentiment  turned  to  Mr,  Cannon  as  the  proper  incumbent  for 
that  responsible  office.  He  was  appointed  by  the  President,  confirmed  by 
the  Senate,  and  won  the  commendation  of  the  banking  and  business  world 
by  his  administration." 

In  1886  he  resigned  as  Comptroller  of  the  Currency,  although  urged  by 
President  Cleveland  and  the  Secretary  of  the  Treasury  to  continue  in  office, 
and  accepted  the  vice-presidency  of  the  Bank  of  the  Republic  in  New 
York  City.  This  was  but  a  way  station;  he  wanted  an  institution  under 
his  own  control,  and  upon  which  he  could  impress  his  life  work.  This  he 
had  when,  on  October  30,  1886,  he  was  appointed  President  of  the  Chase 
National  Bank. 

Evidences  of  growth  came  rapidly  one  upon  another  during  the  next 
few  months.  On  May  1,  1887,  the  Bank  moved  to  new  quarters  at  15 
Nassau  Street,  corner  of  Pine  Street.  This  was  a  simple  process  in  those 
days,  compared  with  the  task  of  moving  a  great  bank  to-day.  "The 
eighteen  clerks  put  everything  in  hand  trucks,"  says  one  of  them  who  is 

now  an  officer,  "and 
moved  around  in  a 
few  hours.  Once  in- 
stalled in  these  new 
quarters  they  seemed 
so  large  we  had  to 
spend  much  of  our 
time  finding  each 
other!"  The  location 
here  was  particularly 
convenient  as  the 
upper  floors  of  the 
building  were  occu- 
pied by  the  Clearing 
House, 

The  policy  of  Mr. 
Cannon  to  have  the 
Bank  conveniently 
situated  in  relation 
to  the  Clearing 
House,  was  main- 
t  a  i  n  e  d  throughout 
h  i  s  regime.  An- 
other interesting  side- 
15  NASSAU  STREET  light  upon  Mr.  Can- 


OF  THE  CITY  OF  NEW   YORK 


13 


HENRY  WHITE  CANNON 


non's  presidency  is  the  fact  that  he  was  the  first  New  Yorl<  banker  to  advo- 
cate the  serving  of  hot  lunches  free  to  employees. 

The  regime  of  the  Thompsons  had  been  the  formative  period  of  the 
Bank's  history,  in  which  the  business  of  the  Chase  was  largely  local. 
Mr.  Cannon's  administration  was  distinctly  a  period  of  expansion.  The 
keynote  of  his  regime  may  be  found  in  Mr.  Hepburn's  words: 


14  THE  CHASE  NATIONAL  BANK 

He  knew  the  western  country  and  he  knew  country  bankers,  and  he 
laid  the  foundations  for  the  growth  of  the  Chase  deep  and  wide  by  ally- 
ing it  with  the  undeveloped  West.  By  soliciting  the  accounts  of  banks, 
individuals  and  corporations  throughout  the  country,  he  identified  the 
growth  of  the  Chase  with  the  growth  of  the  country. 

The  first  increase  in  the  capitalization  of  the  Chase  National  Bank  was 
made  on  July  1,  1887,  when  the  existing  shareholders  bought  |200,000  of 
new  stock.  The  following  January  (1888)  the  statement  of  the  Bank 
showed : 

Undivided 
Capital  Surplus  Profits  Deposits 

1500,000  1400,000  |52,017.90  $8,540,717.25 

On  January  10,  1888,  James  J.  Hill  w,a,s  elected  a  Director.  Mr.  Cannon 
and  Mr.  Hill  had  been  closely  associated  in  Minnesota,  and  the  coming 
of  Mr.  Hill  to  the  directorate  of  the  Chase  National  Bank,  an  outgrowth 
of  this  early  friendship,  established  an  important  connecting  link  between 
the  Bank  and  the  great  and  growing  country  of  the  Northwest. 

It  is  said  that  as  a  young  man  just  beginning  business  in  Minnesota, 
James  J.  Hill  cut  the  stencil  for  the  first  barrel  of  flour  shipped  out  of 
Minneapolis.  Certain  it  is  that  the  rich  flow  of  commerce  which  followed 
that  first  shipment  of  flour,  in  ever-increasing  volume,  out  of  Minnesota 
and  the  Northwest,  owed  its  existence  very  largely  to  Mr.  Hill. 

The  death  of  John  Thompson  on  April  19,  1891,  closed  the  early  period 
of  the  Chase  Bank's  history.  The  record  book  of  the  Bank  bears  a  simple 
and  dignified  tribute  to  the  founder,  appropriate  to  the  character  of  the 
man: 

No  eulogy  is  necessary  to  those  who  knew  him;  a  man  of  fine  intel- 
lect, exceptional  ability,  wide  experience  and  untiring  energy,  his  services 
to  the  nation  by  his  advice  and  counsel  to  the  officials  of  the  Govern- 
ment at  times  of  need  are  well  known.  He  was  a  fearless  critic  on 
financial  measures,  honest  in  his  convictions,  and  thorough  in  his  meth- 
ods, a  man  whose  advice  and  opinion  were  sought  for  and  respected. 

William  H.  Porter  was  elected  a  Director  in  September,  1891,  filling 
the  vacancy  in  the  Board  caused  by  Mr.  Thompson's  death.  The  next  year 
he  was  appointed  Vice-President,  and  the  cashiership  being  thus  vacated, 
John  T.  Mills,  Jr.,  formerly  Assistant  Cashier,  was  appointed  to  the 
office. 

A  few  lines  which  were  written  by  Mr.  Hepburn  many  years  after  this 
period  was  over,  reveal  the  importance  of  Mr.  Porter's  work  for  the  Bank: 

Mr.  Porter  had  a  great  capacity  for  details  and  looked  after  every 
transaction  with  painstaking  care,  and,  what  is  better  still  and  more 
efficacious  in  achieving  power  and  progress,  he  looked  after  the  men 


OF  THE  CITY  OF  NEW  YORK  15 

with  whom  he  came  in  contact  and  with  whom  he  had  business  trans- 
actions. Hours  were  no  consideration  with  him;  results  were  what  he 
strove  for.  He  never  left  his  desk  until  the  day's  work  was  satisfactorily 
completed.  Every  new  acquaintance  he  made  was  one  added  to  the 
already  rapidly  growing  list  of  admirers  and  friends. 

His  twelve  years  of  earnest,  successful  labor  devoted  to  building  up 
the  clientele  of  the  Chase  National  was  one  of  the  most  important 
factors  in  the  growth  of  that  institution.  A  very  large  number  of  small 
accounts,  especially  small  banking  accounts,  distributed  throughout  the 
country,  which  he  secured,  gave  the  Bank  an  opportunity  to  profit  by 
the  growing  population  and  growing  business  activities  of  the  whole 
country,  and  accounts  with  meager  balances  at  their  inception  have 
grown  larger  as  the  institutions  have  grown  older  and  become  the  staid 
and  strong  financial  institutions  of  their  respective  localities. 

Mr.  Porter's  position  as  Vice-President  was  charged  with  especially 
heavy  responsibilities,  almost  immediately  after  his  appointment,  by  the 
departure  of  the  President- to  Europe  on  a  mission  of  international  im- 
portance. 

Mr.  Cannon  was  appointed  by  the  President  of  the  United  States  to 
be  one  of  the  Commission  representing  this  country  at  the  International 
Monetary  Conference  in  Brussels  in  November,  1892.  This  was  the  last 
international  conference  convened  for  the  purpose  of  discussing  the  silver 
question.  Mr.  Cannon's  experience  in  the  banking  and  business  life  of 
this  country,  especially  his  wise  administration  of  the  Comptrollership  of 
the  Currency  during  the  critical  period  of  1884,  had  fitted  him  to  an 
unusual  degree  for  the  important  work  which  fell  to  him  at  the  Conference, 
and  which  he  accomplished  with  marked  success. 

Although  in  1887  the  eighteen  clerks  had  "had  to  look  around  to  find 
one  another"  in  the  quarters  at  15  Nassau  Street,  only  a  few  years  had 
elapsed  before  it  became  necessary  to  rent  additional  space  on  Pine  Street. 
This  in  turn  became  overcrowded,  and  when  the  Clearing  House  built  its 
handsome  marble  edifice  at  83  Cedar  Street,  the  ground  floor  and  basement 
of  which  were  available  as  banking  rooms,  the  Chase  National  Bank 
accompanied  the  Clearing  House  to  its  new  home.  In  December,  1895,  the 
Bank  occupied  its  new  quarters. 

The  banking  power  of  the  rapidly  growing  institution  was  augmented 
again  on  December  31,  1897,  when  the  capital  was  increased  from  |500,000 
to  11,000,000.  This  increase  was  derived  entirely  from  earnings,  a  cash 
dividend  of  |500,000  being  declared  at  the  same  time. 

In  January,  1899,  Grant  B.  Schley,  one  of  the  ablest  private  bankers 
of  the  city  and  partner  of  John  G.  Moore  in  the  firm  of  Moore  &  Schley, 
was  elected  to  the  directorate. 

January  17,  1899,  marked  the  beginning  of  the  association  with  the 


16 


THE  CHASE  NATIONAL  BANK 


Photograph  by  Graham  Goffe. 

83   CEDAR    STREET 
THE   HOME   OF   THE   CHASE   NATIONAL   BANK    FROM    1895   TO    1915 

Bank  of  the  man  who  was  to  be  the  third  great  leader  of  the  institution, 
and  one  of  the  greatest  bankers  of  his  day,  A.  Barton  Hepburn.  On  this 
date  Mr.  Hepburn  was  elected  Vice-President  and  Director,  succeeding 
William  H.  Porter,  who  resigned  on  December  31,  1898,  to  become  Vice- 
President  of  the  Chemical  National  Bank. 

There  were  now  ninety-three  employees  of  the  Bank,  five  officers,  and 
seven  Directors.     The  official  staff  and  Directors  at  this  time  were: 


OFFICERS 
H.  W.  Cannon,  President 
A.  B.  Hepburn,   Vice-President 
J.  T.  Mills,  Jr.,  Cashier 
C.  C.  Slade,  Assistant  Cashier 
E.  J.  Stalker,  Assistant  Cashier 


OF  THE  CITY  OF  NEW  YORK  17 

DIRECTORS 
John  G.  Moore  Grant  B.  Schley 

Oliver  H.  Payne  A.  Barton  Hepburn 

James  J.  Hill  Edward  Tuck 

Henry  W.  Cannon 

The  statement  of  the  Bank  (figures  of  January  3,  1899)  shows: 

Undivided 
Capital  Surplus  Profits  Deposits 

11,000,000.  11,000,000  1236,747  $43,586,110 

In  June  of  this  year  the  death  of  John  G.  Moore  removed  from  the 
Board  of  Directors  one  of  the  most  able  and  influential  of  its  members,  a 
man  universally  beloved  for  his  goodness  and  sterling  qualities  of  man- 
hood, as  he  was  admired  for  his  shrewdness  and  sagacity. 

During  the  next  four  years  two  new  Directors  were  elected,  John  I. 
Waterbury,  in  1900,  and  George  F.  Baker,  in  1902,  and  the  official  staff 
was  increased  from  five  to  seven.  Samuel  H.  Miller  (now  Vice- 
President  of  the  Bank)  and  Herbert  K.  Twitchell  were  appointed  Assistant 
Cashiers  on  January  9,  1900,  and  E.  J.  Stalker  was  made  Cashier,  July  17, 
1900,  taking  the  place  of  J.  T.  Mills,  Jr.,  who  resigned  on  that  date.  W. 
O.  Jones  was  appointed  Assistant  Cashier  in  Mr.  Stalker's  place. 

The  Directors'  meeting  of  February  9,  1904,  was  far-reaching  in  its 
results.  At  this  time  Mr.  Hepburn  was  made  President  of  the  Bank, 
upon  the  resignation  of  Mr.  Cannon,  who  became  Chairman  of  the  Board, 
and  into  the  directorate  and  to  the  official  staff  as  Vice-President  was 
voted  the  present  chief  executive,  Albert  H.  Wiggin. 

At  this  time  the  number  of  employees  was  one  hundred  twenty-five, 
the  number  of  officers  six,  and  of  directors  eight.  The  condition  of  the 
Bank,  as  of  the  previous  month,  January,  1904,  is  shown  in  these  figures: 

Undivided 
Capital  Surplus  Profits  Deposits 

$1,000,000  11,000,000  12,829,216  $52,853,636 

A  sketch  of  the  life  and  career  of  the  new  President  will  suggest  in 
some  measure  what  he  brought  to  the  institution  of  which  he  now  took 
control. 

A.  Barton  Hepburn  was  born  in  Colton,  N.  Y.,  July  24,  1846,  the  son 
of  a  farmer,  and  one  of  a  family  of  eight.  He  was  determined  upon  secur- 
ing an  education,  and  against  severe  odds  accomplished  his  purpose,  being 
graduated  from  Middlebury  College  with  the  class  of  1871.  A  few  years 
spent  in  teaching  enabled  him  to  wipe  out  the  financial  obligations  which 
he  had  incurred  for  his  college  expenses,  and  afforded  him  also  an  oppor- 
tunity to  study  law.    While  practising  law  in  his  native  town  he  came  in 


18  THE  CHASE  NATIONAL  BANK 

touch  with  the  lumber  industry,  the  main  business  of  the  community.  An 
opportunity  to  carry  through  a  large  undertaking  in  this  line  pre- 
sented itself;  Mr.  Hepburn  accepted  it,  and  the  result  gave  him  his  first 
capital. 

In  1875  he  was  sent  to  the  New  York  State  Legislature,  where  he  con- 
tinued for  five  successive  terms.  His  greatest  accomplishment  here  was 
his  successful  fight  against  the  abuses  of  railroad  discrimination.  He 
drafted  and  was  active  in  securing  the  passage  of  corrective  legislation 
now  known  as  the  Hepburn  laws. 

Certain  work  done  in  banking  legislation  during  this  period  led  to  his 
appointment  in  1880  as  Superintendent  of  the  Banking  Department  of 
New  York  State,  in  which  office  he  instituted  the  practice,  later  embodied 
in  law,  of  regular  bank  examinations. 

As  United  States  Bank  Examiner  of  New  York  from  1888  to  1892  he 
was  able  to  study  banking  in  the  broadest  and  most  effective  way,  behind 
the  scenes  in  the  country's  greatest  banks.  His  appointment  in  1892  as 
Comptroller  of  the  Currency  under  President  Harrison  attested  the  high 
caliber  of  his  ability  and  the  regard  in  which  his  experience  and  capacity 
were  held.  Cleveland  being  elected  soon  after  Mr.  Hepburn's  appoint- 
ment, he  resigned  to  return  to  New  York  as  President  of  the  Third  Na- 
tional Bank.  In  1897  this  institution  was  consolidated  with  the  National 
City  Bank,  of  which  Mr.  Hepburn  became  Vice-President,  continuing  in 
that  capacity  for  two  years. 

In  1899,  as  already  stated,  he  came  to  the  vice-presidency  of  the  Chase 
National  Bank,  bringing  his  distinguished  powers  and  rich  experience  to 
the  service  of  a  thriving  institution  with  possibilities  which  he  was  to 
develop  to  proportions  then  unimagined. 

In  1906  the  number  of  Directors  was  increased  to  nine,  and  George 
F.  Baker,  Jr.,  was  elected  to  the  board. 

In  less  than  three  years  from  the  beginning  of  Mr.  Hepburn's  presi- 
dency deposits  had  increased  approximately  seventeen  million  dollars, 
and  it  was  apparent  that  the  capitalization  should  be  enlarged.  On  Decem- 
ber 12,  1906,  the  capital  was  increased  from  $1,000,000  to  |5,000,000,  a 
400  per  cent,  dividend  being  declared  at  the  same  time.  The  strong  posi- 
tion of  the  Bank  was  summarized  in  the  following  letter  to  depositors: 

THE  CHASE  NATIONAL  BANK 

New  York,  Februarj',  1907. 
Gentlemen : 

We  have  recently  increased  our  capital  to  |5,000,000,  and  in  connection 
therewith  deem  it  a  matter  of  pardonable  pride  to  call  attention  to  the 
following  facts  in  the  history  of  this  bank. 


OF  THE  CITY  OF  NEW  YORK  19 

The  CHASE  NATIONAL  BANK  was  organized  in  1877  with  |300,000 
paid  in  capital.  July  1,  1887,  the  capital  was  increased  to  |500,000,  the 
increase  being  paid  in  at  book-value,  viz.,  180,  the  total  amount  con- 
tributed by  the  stockholders  of  the  Bank  thus  being  |660,000.  In 
December,  1897,  the  capital  was  increased  from  $500,000  to  $1,000,000, 
a  cash  dividend  of  $500,000  being  paid  at  the  same  time.  In  December, 
1906,  the  capital  was  increased  $4,000,000,  thereby  making  the  same 
$5,000,000.  Coincident  therewith  a  cash  dividend  of  400  per  cent,  was 
declared,  the  dividend  thus  equalling  the  increased  capital  stock.  After 
the  first  year  the  Bank  paid  dividends  at  the  rate  of  6  per  cent,  annually. 
This  rate  was  gradually  increased  until  the  dividend  reached  20  per  cent, 
in  1906.  The  aggregate  amount  of  dividends  paid  up  to  the  present  time 
is  $6,322,000.  The  paid-in  capital  of  $660,000  has  been  increased  by  the 
earnings  of  the  Bank,  in  the  form  of  capital,  surplus  and  undivided 
profits,  more  than  $q,ooo,ooo,  in  addition  to  the  regular  dividends  paid. 
In  these  days  of  large  capitalization  and  paid-in  surplus,  we  wish  to 
emphasize  the  fact  that  our  surplus,  as  well  as  so  much  of  our  capitali- 
zation, has  been  earned. 

Very  truly  yours, 

A.  B.  Hepburn, 

President. 

During  the  next  five  years  the  growth  of  the  business  of  the  Bank  made 
necessary  several  additions  to  the  official  staff.  In  1907  Edwin  A.  Lee  and 
William  E.  Purdy  were  appointed  Assistant  Cashiers.  This  brought  the 
number  of  officers  to  seven,  Herbert  K.  Twitchell  having  resigned  as 
Assistant  Cashier.  The  following  year  Samuel  H.  Miller  was  appointed 
Cashier,  vice  E.  J.  Stalker,  resigned,  and  Henry  M.  Conkey  and  Alfred  C. 
Andrews  were  made  Assistant  Cashiers.  In  1910  Mr.  Miller,  who  had 
been  with  the  Bank  since  1889,  was  made  Vice-President,  and  Mr.  Conkey 
was  appointed  Cashier. 

Francis  L.  Hine  became  a  Director  on  January  12,  1909.  The  list  of 
the  directorate  now  showed  Ihis  strong  group : 

Henry  W.  Cannon  John  I.  Waterbury 

James  J.  Hill  George  F.  Baker 

Grant  B.  Schley  Albert  H.  Wiggin 

A.  Barton  Hepburn  George  F.  Baker,  Jr. 

Francis  L.  Hine 

Throughout  this  period  of  extraordinary  growth  in  the  business  and 
resources  of  the  Chase  National  Bank,  its  President,  Mr.  Hepburn,  had  had 
at  his  right  hand,  in  the  office  of  Vice-President,  the  most  congenial  and 
helpful  associate  he  could  have  selected,  Albert  H.  Wiggin.  The  two  men 
were  in  many  respects  complementary  to  each  other,  and  their  combined 
talents  gave  a  unique  element  of  strength  and  progress  to  the  institution. 


20  THE  CHASE  NATIONAL  BANK 

This  was  recognized  in  the  action  of  the  Board  of  Directors  on  January 
1 1,  191 1,  when  Mr.  Hepburn  was  elected  Chairman  of  the  Board,  "empow- 
ered to  manage  the  affairs  and  business  of  the  Bank  as  an  executive  officer, 
and  authorized  to  bind  the  Bank  by  his  acts  and  signature  with  the  same 
effect  as  if  he  were  President  of  the  Bank,"  and  Mr.  Wiggin  was  elected 
President. 

Mr.  Cannon  at  this  time  retired  from  active  connection  with  the  man- 
agement of  the  Bank.  He  retained  his  financial  interest,  however,  and 
remained  a  member  of  the  Board  of  Directors. 

Commensurate  with  Mr.  Hepburn's  outstanding  achievements  was  the 
unprecedented  action  of  the  board  in  adopting,  while  its  subject  was  still 
at  the  height  of  his  activity,  the  following  minute  of  appreciation : 

The  Directors  of  the  Chase  National  Bank,  in  accepting  the  resig- 
nation of  A.  Barton  Hepburn  as  President,  and  in  elevating  him  to  the 
Chairmanship  of  the  Board,  desire  to  record  their  appreciation  of  the 
service  he  has  rendered  the  institution  in  the  past.  Entering  this  Bank 
twelve  years  ago  as  Vice-President,  Mr.  Hepburn  brought  to  it  the  benefit 
of  a  life  experience  gained  as  the  leading  executive  officer  of  the  bank- 
ing departments  of  this  State  and  of  the  Federal  Government.  Coupled 
with  this,  he  possessed  peculiarly  valuable  knowledge  in  matters  legal 
and  legislative.  With  his  distinguished  qualities,  and  fresh  from  the 
practical  handling  of  national  banking  affairs,  Mr.  Hepburn  enjoyed 
a  reputation  such  as  to  attract  to  the  Chase  new  business  of  magnitude 
and  sound  character.  During  the  period  of  his  service  as  Executive,  he 
devoted  himself  to  the  upbuilding  of  the  Bank,  and  it  has  grown  steadily 
in  importance,  in  strength,  in  public  confidence,  and  in  reputation  for 
stability  and  conservative  progress.  Genial,  kindly,  candid,  disposed  to 
aid,  yet  possessed  of  that  rare  but  necessary  quality  in  a  banker — the 
ability  to  say  "no"  when  "yes"  would  be  unwise — he  brought  to  the 
task  which  he  had  set  for  himself  untiring  application,  capacity  for 
searching  analysis,  foresight,  breadth  of  view,  rare  judgment,  and,  above 
all,  the  wise  courage  which  has  made  him  a  leader  of  men.  A  thinker 
and  a  scholar,  a  choice  spirit  and  a  patriot,  he  broadened  the  field  of  his 
activities  and  his  influence  by  a  display  of  interest  in  the  public  weal 
which  has  made  him  the  welcome  and  valued  adviser  of  those  in 
authority,  and  which  has  led  him  to  give  freely  and  unstintingly  of  his 
time  to  the  discharge  of  many  public  trusts,  and  to  unselfish  service  for 
the  city,  the  state,  and  the  nation.  The  Directors  cherish  the  hope  that 
for  many  years  Mr.  Hepburn  may  preside  over  the  Board,  and  with 
intense  satisfaction  they  avail  of  a  continuance  of  his  advice  and  his 
help  by  electing  him  Chairman.  It  is  with  the  warmest  good  will  that 
they  wish  for  him  years  of  that  fine  service  to  mankind,  to  render  which 
is  his  highest  ambition. 

The  new  President  of  the  Chase  National  Bank,  Albert  Henry  Wiggin, 
was  born  in  Medfield,  Massachusetts,  February  21,  1868,  the  son  of  the 
Unitarian  minister  of  that  place.    He  was  educated  in  the  Dwight  School 


OF  THE  CITY  OF  NEW  YORK  21 

and  the  English  High  School  of  Boston,  graduating  from  the  latter  in  1885. 
Entering  the  Commonwealth  Bank  of  Boston  as  a  clerk,  he  early  learned  the 
fundamental  details  of  the  banking  business.  In  1891  he  became  Assistant 
National  Bank  Examiner  of  the  Boston  District,  and  three  years  later  was 
appointed  Assistant  Cashier  of  the  Third  National  Bank.  He  left  the 
Third  in  1897  to  accept  the  vice-presidency  of  the  Eliot  National  Bank  of 
Boston,  which  he  held  until  he  left  Boston,  in  1899,  to  become  Vice-Presi- 
dent of  the  National  Park  Bank  of  New  York. 

Mr,  Wiggin  remained  with  the  National  Park  Bank  for  five  years,  and 
was  also  associated  during  this  period  with  the  Mutual  Bank  and  the 
Mount  Morris  Bank  as  Vice-President.  These  connections  terminated  in 
1904,  when  he  came  to  the  Chase  National  Bank  as  Vice-President  and 
Director.  As  one  of  the  organizers  of  the  Bankers  Trust  Company  in 
1903,  Mr.  Wiggin  had  been  recognized  by  the  older  bankers  of  the  city, 
with  many  of  whom  he  was  associated  in  this  work,  as  one  of  the  most 
promising  young  bankers  of  the  day.  The  development  of  the  Chase 
National  under  his  presidency  justified  their  early  estimate  of  his 
ability. 

His  work  for  the  Chase  National  Bank  did  not  limit  his  interest  in 
the  banking  activities  of  the  city.  Besides  being  a  director  and  member 
of  the  Executive  Committee  of  the  Bankers  Trust  Company  and  the  Guar- 
anty Trust  Company,  he  was  active  on  the  boards  of  the  Astor  Trust 
Company,  the  Liberty  National  Bank,  the  National  Bank  of  Commerce, 
and  the  Union  Exchange  National  Bank,  until  the  Clayton  Act  rendered 
it  impossible  for  him  to  retain  these  directorships  in  addition  to  his  major 
interest,  the  Chase  National  Bank. 

With  Mr.  Wiggin's  regime  a  new  period  began  in  the  development  of  the 
Chase  National  Bank  as  a  factor  in  the  business  life  of  the  country.  Pre- 
vious to  his  coming  the  Chase  had  been  largely  a  bank  for  banks.  The 
emphasis  had  been  laid  rather  on  increasing  its  clientele  among  the  banks 
of  all  parts  of  the  country  than  upon  a  direct  relation  with  industrial  enter- 
prise. Mr.  Wiggin  made  it  also  a  bank  of  industry,  manufacture,  and 
business,  developing  the  deposits  of  this  nature  from  1 16,000,000  in  1904, 
to  126,894,000  in  1911,  and  $318,250,000  in  1922. 

Evidences  of  growth  continued  to  manifest  themselves  with  increasing 
frequency  after  1911.  A  second  Vice-President  was  added  to  the  official 
roster  by  the  election  on  March  20,  1912,  of  Edward  R.  Tinker,  who  is 
to-day  President  of  the  Chase  Securities  Corporation.  Mr.  Tinker  had 
been  a  member  of  the  firm  of  Rhoades  &  Company  and  was  known  as  one 
of  the  best  judges  of  security  values  in  the  United  States.  January,  1914, 
brought  a  change  in  the  directorate  with  the  retirement  of  George  F.  Baker 
and  the  election  of  J.  J.  Mitchell,  President  of  the  Illinois  Trust  and 


22  THE  CHASE  NATIONAL  BANK 


Savings  Bank,  Chicago.     In  December  of  that  year  two  more  Assistant 
Cashiers  were  appointed,  Charles  D.  Smith  and  William  P.  Holly. 

The  quarters  at  83  Cedar  Street  had  now  for  a  long  time  been  too 
limited  to  accommodate  the  growing  business  of  the  Bank.  In  1906  addi- 
tional space  had  been  secured  at  64  Liberty  Street  and  connection  made 
through  to  the  Cedar  Street  banking  rooms,  but  even  this  enlarged  space 
was  now  insufficient.  Therefore,  on  January  9,  1915,  the  Bank  was  moved 
to  its  present  home  at  57  Broadway.  At  this  time  there  were  260  em- 
ployees, eleven  officers,  and,  John  I.  Waterbury  having  just  retired,  seven 
Directors.    The  statement  showed : 

Undivided 
Capital  Surplus  Profits  Deposits 

15,000,000  $5,000,000  $4,148,514  $135,183,322 

The  death  of  Henry  M.  Conkey,  Cashier,  on  July  24,  1915,  terminated 
the  career  of  an  able  officer  of  the  Bank.  The  board  unanimously  adopted 
the  following  tribute  to  his  services  and  personality,  a  tribute  which  not 
only  reveals  the  feeling  toward  Mr.  Conkey  himself,  but  also  suggests 
something  of  the  spirit  of  warm  personal  friendliness  and  comradeship 
which  has  always  been  strong  among  the  officers  of  the  Bank: 

For  nearly  five  years  Henry  M.  Conkey  had  been  one  of  the  chief 
executive  officers  of  the  Chase  National  Bank,  supplementing  some  years 
of  prior  service  in  a  more  subordinate  capacity.  His  advancement  in 
position  was  continuous,  in  the  recognition  of  his  growing  usefulness, 
his  broadening  experience,  his  efficiency  and  his  ability.  Personally,  he 
was  free  from  angularity,  agreeable  in  manner,  earnest,  sincere,  and 
loyal,  and  he  contributed  largely  to  the  spirit  of  camaraderie,  which 
makes  close  personal  contact  a  pleasure  and  gives  to  business  association 
a  charm.  We  regret  his  loss  and  deplore  his  untimely  death,  and  as 
evidence  of  our  appreciation  of  his  worth,  decree  that  the  above  minute 
be  entered  on  our  record  and  a  copy  thereof  sent  to  his  family. 

Alfred  C.  Andrews  was  appointed  Cashier  in  July,  1915,  succeeding 
Mr.  Conkey,  and  at  this  meeting  also  George  H.  Saylor  and  M.  Hadden 
Howell  were  appointed  Assistant  Cashiers.  At  the  same  time  a  new 
Director  was  elected,  Guy  E.  Tripp.  The  following  November  brought 
the  number  of  Vice-Presidents  to  three,  with  the  election  of  Carl  J.  Schmid- 
lapp,  who  came  from  the  Bankers  Trust  Company  to  be  Vice-President  of 
the  Chase  Bank.  Further  important  additions  to  the  directorate  were 
made  in  1916,  when  upon  the  retirement  of  James  J.  Hill,  his  son,  James 
N.  Hill,  and  three  others,  Daniel  C.  Jackling,  Frank  A.  Sayles,  and  Charles 
M.  Schwab,  were  elected  to  the  board. 

General  Tripp,  who  served  in  the  World  War  as  Chief  of  the  Produc- 
tion  Division   of  the   Ordnance   Bureau   and   later   as   assistant   to  the 


OF  THE  CITY  OF  NEW   YORK 


23 


Chief  of  Ordnance,  is  Chairman  of  the  board  of  the  Westinghouse  Electric 
and  Manufacturing  Company,  and  active  on  the  boards  of  many  public 
utility  companies,  especially  street  railways.  Mr.  Jackling  began  on  the 
theoretical  side  of  mining  as  a  professor  of  chemistry  and  metallurgy,  but 
became  more  interested  in  the  practical  side,  and  after  wide  experience  as  a 
mining  engineer  organized  the  Utah  Copper  Company  and  became  its 
Vice-President  and  Mining  Director.  He  is  President  or  Vice-President 
and  Mining  Director  of  the  porphyry  group  of  mining  companies,  Utah, 
Ray  Consolidated  Copper  Company,  Chino  Copper  Company,  Nevada 
Consolidated  Copper  Company.  Mr.  Schwab,  Chairman  of  the  Board  of 
Bethlehem  Steel  Corporation,  began  as  a  boy  stage  driver,  graduated  into 
the  steel  business  as  a  stake  driver,  and  before  many  years  had  become 
President  of  the  Carnegie  Steel  Co.,  then  President  of  the  United  States 
Steel  Corporation,  and  finally  head  of  the  Bethlehem  Steel  Corporation. 
His  war  work  as  a  manufacturer  of  munitions,  builder  of  ships,  and  Di- 
rector General  of  the  United  States  Shipping  Board  Emergency  Fleet  Cor- 
poration is  part  of  the  history  of  the  nation. 

Ten  years  had  now  passed  since  the  increase  of  capitalization  from  one 
million  to  five,  and  again  it  was  time  to  recognize  the  enlargement  of  the 


57   BROADWAY,   THE    PRESENT    HOME   OF   THE   CHASE    NATIONAL   BANK 


24  THE  CHASE  NATIONAL  BANK 

banking  power  of  the  institution.  On  October  2,  1916,  $5,000,000  was 
added  to  the  capital,  the  stock  being  offered  to  shareholders  at  par,  and  an 
equal  amount  to  the  surplus,  the  latter  being  taken  from  the  large  "undi- 
vided profits"  account.  The  statement  of  the  Bank  on  October  25,  1916, 
showed,  therefore,  the  following  figures: 


Undivided- 

Capital 

Surplus 

Profits 

Deposits 

$10,000,000 

110,000,000 

$1,372,154 

$272,884,557 

Of  the  $21,372,154  shown  above  under  capital,  surplus,  and  undivided 
profits,  only  $5,660,000  was  contributed  by  stockholders,  all  the  rest  hav- 
ing been  earned. 

The  year  1917  was  an  eventful  one  in  the  history  of  the  Bank.  In 
January,  Edward  T.  Nichols,  vice-president  of  the  Great  Northern  Railway, 
became  a  director,  and  four  new  officers  were  added  to  the  staff,  bringing  the 
number  to  seventeen.  Those  appointed  at  this  time  were:  Gerhard  M. 
Dahl,  coming  from  the  Electric  Bond  and  Share  Company,  where  he  was 
Vice-President,  to  be  Vice-President  of  the  Chase  Bank,  and,  as  Assistant 
Cashiers,  S.  Frederick  Telleen,  Robert  I.  Barr,  and  Sewall  S.  Shaw.  The 
following  month  Newcomb  Carlton,  President  of  the  Western  Union  Tele- 
graph Company,  and  Frederick  H.  Ecker,  Vice-President  of  the  Metropoli- 
tan Life  Insurance  Company,  were  elected  Directors. 

In  connection  with  the  administration  of  affairs  of  banks,  attractive 
business  opportunities  frequently  present  themselves,  of  which,  because  of 
the  limited  scope  of  the  powers  of  banking  institutions,  advantage  cannot 
be  taken  in  their  behalf.  In  order  that  the  shareholders  of  the  Chase  Bank 
might  be  in  a  position  to  embrace  such  opportunities,  the  Chase  Securities 
Corporation  was  formed  in  June,  1917,  with  a  capital  of  $2,500,000.  The 
shareholders  of  the  Bank  were  given  the  privilege  of  subscribing  for  stock 
of  the  new  corporation,  and  funds  sufficient  to  cover  such  subscriptions 
were  furnished  by  means  of  the  declaration  of  a  special  dividend  of  25 
per  cent,  on  the  then  outstanding  $10,000,000  capital  stock  of  the  Bank. 
Chase  Securities  Corporation  began  business  with  the  following  officers: 

Albert  H.  Wiggin,  President 

Edward  R.  Tinker,  Vice-President 

Gerhard  M.  Dahl,  Vice-President 

Robert  I.  Barr,  Vice-President 

William  P.  Holly,  Secretary  and  Treasurer 

The  new  corporation  had  a  board  of  nineteen  directors,  most  of  whom 
were  not  connected  with  the  Bank  in  any  capacity  beyond  that  of  share- 
holder. The  stockholders  of  both  the  Bank  and  the  Securities  Corporation 
remained  identical.    The  business  of  the  new  corporation  grew  steadily 


OF  THE  CITY  OF  NEW  YORK  25 

and  on  June  30,  1922,  showed  a  capital  of  1 10,000,000,  and  a  surplus  and 
undivided  profits  account  of  |3,089,000.  At  that  time  the  officers  and 
directors  were: 

OFFICERS 
Albert  H.  Wiggin,  Chairman  of  the  Board 
Edward  R.  Tinker,  President 
Halstead  G.  Freeman,  Vice-President 
Duncan  A.  Holmes,  Vice-President  . 

Robert  L.  Clarkson,  Vice-President 
William  G.  Shaible,  Treasurer 
Walter  W.  Downing,  Assistant  Treasurer 
Henry  G.  Fahlbusch,  Assistant  Secretary 

DIRECTORS 

Chellis  a.  Austin  Daniel  G.  Reid 

Thomas  Cochran  Frederick  K.  Rupprecht 

Charles  G.  DuBois  Charles  H.  Sabin 

Gerhard  M.  Dahl  Charles  S.  Sargent,  Jr. 

William  P.  Holly  Reeve  Schley 

John  L.  Kemmerer  Carl  J.  Schmidlapp 

Elcood  C.  Lufkin  Theodore  Schulze 

Gates  W.  McGarrah  Galen  L.  Stone 

Samuel  H.  Miller  Edward  R.  Tinker 

Seward  Prosser  Albert  H.  Wiggin 

The  final  event  of  great  importance  to  the  Bank  in  1917  was  the 
Directors'  meeting  of  September  12.  Mr.  Hepburn  had  now  passed  his 
seventieth  year  and  was  desirous  of  retiring  from  active  business.  He  was 
an  enthusiastic  sportsman  and  a  lover  of  outdoor  life,  and  wished  to  devote 
more  time  to  the  pursuits  of  his  leisure  hours,  and  to  his  academic  and 
literary  interests.  The  Bank,  however,  was  loathe  to  lose  the  benefit  of  his 
ripe  wisdom,  and  he  himself,  vigorous  in  health  and  as  vitally  interested 
as  ever  in  the  welfare  of  the  Bank,  in  its  problems  and  its  growth,  con- 
sented to  defer  the  time  when  he  should  give  up  all  connection  with  its 
management.  The  Board  of  Directors  therefore  created  an  Advisory  Board, 
consisting  of  a  Chairman  and  the  senior  officers  of  the  Bank,  and  elected 
Mr.  Hepburn  to  the  chairmanship  of  this  board,  stipulating  that  in  this 
office  he  "shall  be  an  executive  officer  of  the  Bank,  having  the  same  authority 
and  powers  as  the  Chairman  of  the  Board." 

Mr.  Wiggin  was  elected  Chairman  of  the  Board  of  Directors  with  the 
full  power  to  bind  the  Bank  by  his  acts  and  signature  with  the  same  effect 
as  if  he  were  President,  and  Eugene  V.  R.  Thayer  of  Boston  was  elected 
President.  These  changes  took  effect  January  2,  1918.  There  were  now 
nineteen  officers,  nineteen  directors,  and  nearly  six  hundred  employees. 
Deposits  had  reached  |333,332,837. 


26  THE  CHASE  NATIONAL  BANK 

The  new  President  of  the  Chase  National  Bank  was  but  thirty-six 
years  old  when  he  took  office.  He  had  been  President  of  the  Merchants 
National  Bank  of  Boston  for  the  past  six  years,  and  had  built  up  that  in- 
stitution's deposits  from  ten  to  seventy  millions.  He  was  a  grandson  of 
Nathaniel  Thayer  of  Boston,  founder  of  the  private  banking  firm  which 
later  became  Kidder,  Peabody  &  Company,  and  builder  of  a  number  of 
western  railroads.  Young  Mr.  Thayer  had  been  for  some  years  the 
trustee  of  his  grandfather's  estate,  as  well  as  a  director  in  many  important 
corporations,  railways,  and  banking  institutions. 

In  1917  and  1918  the  Chase  National  Bank  faced  the  issues  and  the 
demands  brought  upon  every  member  of  the  community  by  the  exigencies 
of  war  with  unhesitating  response.  The  full  record  of  its  war  service 
cannot  be  recounted  here,  its  ramifications  were  so  far-reaching  and  diverse. 
One  hundred  and  eighty-five  of  its  men  went  into  the  service  of  the  Army 
and  Navy — a  number  exceeding  the  total  number  of  employees  and  officers 
of  ten  years  before.     Of  these  185  men,  three  laid  down  their  lives. 

Mr.  Hepburn  acted  as  Mr.  Hoover's  personal  representative  in  adjusting 
contracts  at  the  time  of  the  closing  of  the  Sugar  Exchange;  he  was  Presi- 
dent of  the  War  Relief  Clearing  House,  a  trustee  of  the  Patriotic  Farmers' 
Fund,  and  a  member  of  the  Federal  Milk  Commission,  of  Mayor  Mitchel's 
Committee  on  National  Defense,  and  of  the  Committee  for  Men  Blinded 
in  Battle. 

Mr.  Wiggin,  as  Chairman  of  the  Clearing  House  Committee  in  the 
critical  period  of  1914,  was  asked  to  remain  in  office,  contrary  to  custom, 
for  an  additional  year.  His  first  term  in  this  office,  therefore,  extended 
through  three  years,  1913,  1914  and  1915;  again  in  1918  and  1919  he 
served  in  the  same  capacity,  and  in  1920-21  he  was  President  of  the 
Clearing  House  Association.  It  was  under  his  leadership  that  the  sum 
of  one  hundred  million  dollars  was  raised  in  1914  for  the  protection  of 
New  York  City's  debt  maturing  in  London  at  that  time.  In  1914,  also, 
Mr.  Wiggin  was  Chairman  of  the  Gold  Fund  Committee  which  successfully 
adjusted  the  problem  confronting  American  business  through  the  demorali- 
zation of  the  foreign  exchange  market.  When  the  cotton  industry  was 
threatened  with  ruin  at  the  beginning  of  the  war,  Mr.  Wiggin  was  one  of 
the  two  New  York  members  of  the  committee  in  charge  of  the  nation-wide 
Cotton  Loan  Fund  which  prevented  the  collapse  of  the  cotton  industry. 
He  was  a  member  of  the  Central  Liberty  Loan  Committee  and  the  sub- 
committee on  Money  Rates. 

In  addition  to  his  public  and  private  duties  pertaining  to  banking 
Mr.  Wiggin  answered  the  call  of  U.  S.  Fuel  Administrator  Garfield  to  accept 
the  position  of  Fuel  Administrator  of  New  York  State  during  the  trying 
winter  of  1917-1918. 


OF  THE  CITY  OF  NEW   YORK  27 

Mr.  Dahl  was  a  member  of  the  National  War  Finance  Committee  of 
the  Red  Cross,  and  Chairman  of  the  Atlantic  Division  in  the  |100,000,000 
drive.  He  was  a  member,  too,  of  the  Advisory  Committee  of  the  New 
York  State  Fuel  Administration.  Mr,  Schmidlapp  served  with  the  Army  in 
France,  and  Mr.  Barr  with  the  special  Red  Cross  Mission  to  Russia. 

On  the  purely  financial  side,  the  records  show  that  $704,992,100 
went  from  the  Chase  into  the  United  States  Treasury  to  finance 
the  war. 

But  the  pressure  of  the  war  brought  increased  demands,  and  a  number 
of  new  officers  and  directors  were  added  to  the  roll  of  the  Bank.  In  Janu- 
ary, 1918,  Leon  H.  Johnston  was  appointed  Assistant  Cashier,  and  Mr. 
Schmidlapp,  Mr.  Dahl,  and  Mr.  Andrew  Fletcher,  president  of  the  Ameri- 
can Locomotive  Company  and  one  of  the  owners  of  the  W.  &  A.  Fletcher 
Company,  where  many  of  the  government  ships  were  reconditioned  during 
the  war,  were  elected  to  the  Board  of  Directors. 

In  the  following  year  the  election  of  Reeve  Schley  as  Vice-President 
and  the  appointment  of  Otis  Everett  and  George  E.  Schoepps  as  Assistant 
Cashiers  brought  the  number  of  officers  to  twenty-two.  Mr.  Schley, 
formerly  a  member  of  the  law*  firm  of  Simpson,  Thacher  &  Bartlett,  was 
made  Vice-President  to  develop  the  Trust  Department,  created  under 
the  provisions  of  the  Federal  Reserve  Act  which  permitted  the  Bank  to 
exercise  the  same  fiduciary  powers  as  a  trust  company.  The  wisdom  of 
the  Directors  in  creating  such  a  department  is  shown  by  the  fact  that  to-day 
the  Chase  National  Bank  is  trustee  of  mortgages  and  deeds  of  trust 
amounting  to  more  than  |400,000,000. 

Meanwhile  the  growth  of  the  personnel  had  given  rise  to  other  de- 
velopments within  the  Bank.  As  early  as  1909  the  Chase  Bank  Club 
had  been  organized  to  promote  a  spirit  of  comradeship  among  the  clerks; 
its  social  intercourse  and  the  excellent  investment  service  it  off^ered  its 
members  had  made  it  a  particularly  vital  element  in  the  life  of  the  Bank's 
personnel.  In  1918  the  number  of  employees  had  become  so  large  that 
the  need  was  felt  for  a  house  magazine  to  interpret  the  aims  and  the  spirit 
of  the  institution.  Accordingly  in  April  of  that  year  The  Chase  was 
founded,  and  has  been  issued  continuously  since.  The  following  year,  in 
October,  the  Medical  Department  was  established.  Here  a  practising 
physician  each  morning,  and  a  graduate  nurse  in  attendance  throughout 
the  day,  safeguard  the  health  of  the  employees  and  examine  all  applicants 
before  they  are  accepted  for  employment.  A  group  insurance  plan  went 
into  efi'ect  in  January,  1920,  under  which  all  employees  of  more  than  three 
months'  standing  are  insured  for  from  $1000  to  $5000,  according  to  length 
of  service. 

Benjamin  M.  Anderson,  Jr.,  Ph.D.,  an  economist  of  wide  reputation. 


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z 


THE  CHASE  NATIONAL  BANK  29 

came  to  the  Bank  in  July,  1920,  as  Economist.  In  September  of  that  year 
he  began  the  periodic  issuance  of  The  Chase  Economic  Bulletin,  in  which 
his  keen  analytical  powers  are  brought  to  bear  upon  the  economic  problems 
of  the  day. 

The  fifth  increase  in  capitalization  of  the  Chase  National  Bank  was 
made  January  20,  1920,  when  the  capital  became  $15,000,000.  At  this 
time  there  were  deposits  of  $387,861,000.  Four  months  later  the  surplus 
was  increased  to  $15,000,000  from  undivided  profits. 

At  intervals  during  the  year  1920  a  number  of  new  members  were 
elected  to  the  Board  of  Directors  and  several  new  officers  were  appointed. 
William  Boyce  Thompson,  Reeve  Schley,  Kenneth  F.  Wood,  H.  Wendell 
Endicott,  and  William  M.  Wood  were  added  to  the  board,  which,  however, 
in  this  year  suffered  the  loss  by  death  of  Henry  B.  Endicott  and  Frank  A. 
Sayles.  Mr.  Thompson  had  been  a  director  of  the  Federal  Reserve  Bank 
of  New  York  from  the  time  of  its  organization  until  1919,  and  in  1917  he 
headed  the  Red  Cross  Mission  to  Russia.  Mr.  Henry  B.  Endicott,  Presi- 
dent of  the  Endicott  Johnson  Company,  one  of  the  largest  shoe  manufac- 
turers in  the  world,  had  been  food  administrator  for  Massachusetts 
and  executive  manager  of  the  Massachusetts  Committee  on  Public  Safety, 
during  the  war;  he  was  succeeded  on  the  Chase  Bank  directorate  by  his 
son.  Mr.  Kenneth  F.  Wood  represented  the  cotton  textile  industry,  being 
an  officer  and  director  of  the  Sayles  Finishing  Plants,  and  Mr.  William 
M.  Wood,  President  of  the  American  Woolen  Company,  the  great  woolen 
goods  manufacturing  enterprise  of  the  country.  In  May,  1920,  Andrew 
G.  Campbell,  William  H.  Moorhead,  Charles  A.  Shepardson,  and  Ernest 
T.  Love  were  appointed  Assistant  Cashiers.  In  October,  Alfred  C.  Andrews 
and  Robert  I.  Barr  were  elected  Vice-Presidents,  William  P.  Holly  was 
appointed  Cashier,  and  a  new  office  was  created,  that  of  Assistant  Vice- 
President,  to  which  were  appointed  Edwin  A.  Lee,  William  E.  Purdy, 
George  H.  Saylor,  and  M.  Hadden  Howell.  All  of  these  men  had  been  in  the 
Bank  for  many  years  as  the  dates  of  their  coming  to  the  Chase  will  show: 
Mr.  Andrews,  1894;  Mr.  Barr,  1915;  Mr.  Lee,  1889;  Mr.  Purdy,  1890; 
Mr.  Saylor,  1899;  Mr.  Howell,  1902;  Mr.  Holly,  1901. 

In  1915  it  had  been  thought  that  the  new  home  into  which  the  Bank 
moved  at  that  time  would  be  ample  for  a  number  of  years,  embracing  as  it 
did  two  and  one  half  floors  of  the  Adams  Express  Building,  which  extends 
through  the  entire  block  from  57  Broadway  to  41  Trinity  Place.  The  rapid 
growth  of  the  Bank's  business  soon  proved  otherwise.  Additional  space  was 
secured  in  the  building,  until  now  five  floors  are  occupied  there,  and  in 
October,  1920,  an  adjacent  building  owned  by  the  Bank  was  opened  as  an 
annex.  Here  a  number  of  the  departments  are  situated,  as  well  as  the 
dining  rooms  and  a  club  room  for  employees. 


30  THE  CHASE  NATIONAL  BANK 


On  April  6,  1921,  Mr.  Thayer  resigned  the  presidency  of  the  Bank,  and 
entered  private  business  as  a  member  of  the  firm  of  E.  Atkins  &  Co., 
sugar  merchants.  He  retained,  however,  his  directorship  on  the  Board. 
Mr.  Wiggin  was  re-elected  President  and  continued  as  Chairman  of 
the  Board. 

A  number  of  official  appointments  during  1921  brought  the  list  of 
officers  to  twenty-eight  in  September  of  that  year.  The  office  of  Comptroller 
was  created  January  12,  1921,  and  Thomas  Ritchie  appointed  to  assume  its 
duties.  In  January,  also,  George  A.  Kinney,  formerly  a  trust  company 
officer  of  long  experience,  was  appointed  Trust  Officer  of  the  Bank  in 
charge  of  the  rapidly  growing  Trust  Department.  In  July  a  new  Vice- 
President  was  added,  Sherrill  Smith,  formerly  chief  national  bank  exami- 
ner of  the  Second  Federal  Reserve  District.  In  the  same  month  Manfred 
Barber  was  appointed  Manager  of  the  Foreign  Department,  succeeding 
Herman  Krech,  who  had  resigned.  Carl  P.  Biggerman  became  Assistant 
Cashier  September  7.  On  September  14  the  name  of  Jeremiah  Milbank 
was  added  to  the  list  of  Directors. 

For  the  forty-four  years  of  its  life  the  Chase  National  Bank  had  grown 
entirely  through  its  own  wise  management  and  conservative  policy.  It 
was  the  only  one  of  the  larger  banks  which  had  never  increased  its  size  by 
consolidation.  On  November  23,  1 92 1,  however,  the  Metropolitan  Na- 
tional Bank  was  merged  with  the  Chase,  and  the  former  offices  of  the 
Metropolitan  became  branches  of  the  Chase  National  Bank.  The  Metro- 
politan Bank  had  been  since  its  organization  in  1905  a  progressive,  well 
managed  institution,  one  of  its  branches  having  been  originally  the  old 
Shoe  and  Leather  Bank,  founded  in  1852.  The  merger  of  the  Metropolitan 
with  the  Chase  enlarged  the  local  scope  of  the  Chase  through  seven  ad- 
vantageously located  branches  in  New  York  and  Brooklyn.  It  also  in- 
creased the  banking  power  of  the  larger  institution,  the  figures  of  December 
31,  1921,  showing: 

Capital  Surplus  and  Profits  Deposits 

120,000,000  $21,104,424  |359,162,590 

The  merger  brought  into  the  official  family  of  the  Chase  National  Bank 
a  new  Vice-President,  Henry  Ollesheimer,  formerly  President  of  the  Metro- 
politan, and  three  Assistant  Vice-Presidents,  Gilbert  B.  Sayres,  Alfred  W. 
Hudson,  and  George  Hadden.  Mr.  Ollesheimer  also  became  a  Director  of 
the  consolidated  institution.  Other  additions  to  the  official  staff  of  the 
Bank,  made  by  the  merger,  were  the  following  branch  officers:  Metropolitan 
Branch,  Frank  W.  Frazee,  Manager,  James  A.  Greig,  Assistant  Manager; 
Shoe  and  Leather  Branch,  James  L.  Miller,  Manager;  Maiden  Lane  Branch, 
Joseph  Pulvermacher,  Manager,  William  A.  Johnson,  Assistant  Manager; 


OF  THE  CITY  OF  NEW  YORK  31 

Prince  Street  Branch,  Frank  C.  Meyer,  Manager,  Joseph  H.  Holmes,  As- 
sistant Manager;  Seventh  Avenue  Branch,  William  P.  Larbig,  Manager, 
James  R.  Wright,  Assistant  Manager;  Madison  Avenue  Branch,  Howard 
Cline  and  Otto  F.  Stepbach,  Assistant  Managers;  Hamilton  Trust  Branch, 
Joseph  C.  Hecker,  Manager,  Robert  S.  Girling,  Assistant  Manager,  George 
1.  Pierce,  Assistant  Trust  Officer. 

From  the  pleasure  of  welcoming  these  new-comers  to  the  staff  of  the 
Bank,  the  officers  and  older  employees  of  the  Chase  were  plunged  into  the 
most  acute  personal  sorrow  by  the  death,  on  January  25,  1922,  of  their 
beloved  senior,  Mr.  Hepburn.  The  sense  of  loss  was  widely  shared 
throughout  the  city  and  country  and  in  many  far  corners  of  the  earth. 
Besides  his  great  life  work  for  the  Chase  National  Bank,  Mr.  Hepburn  had 
found  time  for  a  multiplicity  of  other  services  to  his  community  and  the 
world.  He  had  been  President  of  the  New  York  Clearing  House  Associa- 
tion in  1911-12.  For  many  years  he  had  been  an  active  member  of  the 
Chamber  of  Commerce,  serving  as  President,  1910-12,  and  instituting  the 
system  of  examinations  and  issuance  of  commercial  credentials  now  carried 
on  by  the  Chamber.  In  furtherance  of  this  work  he  presented  to  the 
Chamber  securities  yielding  an  income  of  over  |8000  a  year  for  the  train- 
ing of  young  men  and  women  desiring  to  secure  the  credentials  of  the 
Chamber. 

Mr.  Hepburn  was  the  author  of  Artificial  Waterways  of  the  World 
and  History  of  Currency  in  the  United  States.  He  was  the  principal 
executive  of  the  National  Sound  Money  League,  formed  to  educate  the 
public  against  the  fallacies  of  the  Free  Silver  doctrine.  In  1907  and  in 
1913  he  was  chairman  of  the  committee  to  revise  banking  laws  in  New 
York  State,  and  in  1918  was  chairman  of  a  committee  appointed  by  the 
Governor  to  recommend  legislation  for  the  protection  of  the  public  in 
security  transactions.  One  of  his  greatest  services  to  the  nation  was  his 
work  in  1919  and  1920  as  representative  of  the  Second  Federal  Reserve 
District  on  the  Federal  Advisory  Council.  He  was  a  director  in  many 
important  corporations,  and  a  trustee  of  Columbia  University,  Middlebury 
College,  and  the  Rockefeller  Foundation.  Always  an  admirer  of  Japan, 
and  keenly  alive  to  the  importance  of  a  common  understanding  between 
Japan  and  America,  he  founded  a  chair  of  American  Constitution,  History 
and  Diplomacy  in  the  Imperial  University  of  Tokyo.  The  long  list  of 
decorations  and  honorary  degrees  which  Mr.  Hepburn  had  received  from 
foreign  governments  and  the  universities  of  his  native  country  affords  an 
interesting  but  a  very  inadequate  record  of  the  universal  respect  and  ad- 
miration in  which  he  was  held.  It  was  not  these  formal  testimonials  that 
reflected  his  greatness,  however,  but  rather  the  friendships  which  were  his, 
among  the  highest  and  the  humblest  of  the  earth. 


32  THE  CHASE  NATIONAL  BANK 

The  Board  of  Directors  paid  this  tribute  to  Mr.  Hepburn: 

Alonzo  Barton  Hepburn  died  in  the  fullness  of  years,  in  the  midst 
of  activities  which  he  long  knew  and  loved,  surrounded  by  those  who 
knew  and  loved  him;  renowned  as  an  economist,  a  banker,  a  sportsman, 
and  in  all  these  great  spheres  of  activity  he  was  a  master. 

It  is  interesting  to  note  that  each  of  these  activities  reinforced  and 
complemented  the  other  until  there  stood  foursquare  to  the  world  a 
unique  and  unusually  qualified  personality.  He  knew  life  from  many 
sides.  His  own  had  the  facets  of  a  well  cut  crystal,  each  facet  reflecting 
the  lights  and  colors  of  a  well  ordered  and  well  balanced  mind. 

Barton  Hepburn's  life-story  is  a  chart  for  the  guidance  of  man.  The 
record  begins  with  the  simplicity  of  early  days,  narrates  the  struggles, 
the  vicissitudes,  the  gradual  overcoming  by  energy  and  force  of  char- 
acter the  obstacles  that  lay  in  his  path,  until  after  distinguished  service 
to  his  State  he  was  charged  with  Federal  responsibility  in  connection 
with  the  national  banks  of  the  country.  His  struggles  had  left  no  bitterness, 
his  disappointments  no  sting.  He  looked  out  on  life  preserving  a  seren- 
ity, a  confidence,  and,  over  all,  a  fine  simplicity,  never  losing  hold  of 
basic  principles  and  ideals.  These  are  the  true  attributes  of  greatness, 
for  they  are  qualities  of  heart,  brain,  sympathy,  courage,  and  hope. 

Almost  a  quarter  of  a  century  ago  Mr.  Hepburn  began  his  connection 
with  the  Chase  Bank,  each  year  to  become  more  widely  known  to  city, 
state,  and  nation  as  a  successful  financier  and  economist,  until  in  the 
fullness  of  his  power  he  was  accorded  the  rank  of  an  international 
adviser  on  things  economic. 

His  tastes  were  catholic  but  ever  scholarly.  The  intellectual  life 
made  strong  appeals  to  him,  as  witness  his  wide-spread  generosity  to 
libraries,  schools,  colleges,  and  universities. 

As  an  author  he  wrote  what  he  knew.  His  History  of  Currency  in 
the  United  States  reads  as  easily  as  a  story.  His  brochure  on  big-game 
hunting  in  Africa  is  a  classic  in  simplicity  and  directness. 

We  who  served  with  him  are  proud  of  his  achievements;  our  grief 
is  at  the  loss  of  a  sympathetic  friend.  We  salute  the  memory  of  Alonzo 
Barton  Hepburn  and  record  in  resolution  the  expression  of  our  pro- 
found loss. 

The  shadow  of  personal  loss  was  deep  and  is  still  deep  upon  his  as- 
sociates, but  as  he  had  not  been  active  in  the  affairs  of  the  Bank  for  some 
years  no  change  was  made  in  the  management  upon  his  death. 

Few  events  remain  to  be  recorded.  In  January  came  the  appointment 
of  Richard  C.  Hubbell  as  Assistant  Manager,  and  some  months  later  as 
Manager,  of  the  Madison  Avenue  Branch.  In  March,  1922,  Joseph  C. 
Rovensky,  formerly  national  bank  examiner  and  assistant  cashier  of  the 
Corn  Exchange  National  Bank  of  Chicago,  was  appointed  Assistant  Cashier 
in  charge  of  the  Foreign  Department,  which  had  become  one  of  the  largest 
and  busiest  departments  of  the  Bank.  Under  him  are  the  Manager,  Man- 
fred Barber,  and  two  Assistant  Managers,  John  H.  Morrell  and  Allan  V. 


OF  THE  CITY  OF  NEW  YORK 


33 


@  Underwood  &  Underwood 


A.  BARTON   HEPBURN 


Daily.  Gilbert  B.  Sayres,  Assistant  Vice-President,  died  on  April  25. 
The  same  month  James  L.  Miller  was  appointed  Assistant  Vice- 
President  at  the  Shoe  and  Leather  Branch,  and  Richard  C.  Smith,  Harold 
L.  Van  Kleeck,  and  Herman  Knoke  were  appointed  Assistant  Cashiers, 
completing  the  official  roster  as  it  appeared  on  September  20,  the  forty-fifth 
anniversary  of  the  Bank's  opening.     On  that  day  the  appointment  of 


34 THE   CHASE   NATIONAL   BANK  

William  H.  Young  as  Assistant  Cashier  brought  the  number  of  officers  to 
fifty.  In  August,  1922,  Arthur  G.  Hoffman,  Vice-President  of  the  Great 
Atlantic  and  Pacific  Tea  Company,  was  elected  to  the  Board  of  Directors, 
which  now  numbers  twenty-three. 

The  public  services  which  the  men  of  the  Chase  National  Bank  have 
been  called  upon  to  render  have  already  been  referred  to  in  a  number  of 
cases,  and  there  is  much  that  cannot  be  recounted  in  this  limited  space. 
Mr.  Cannon  was  a  member  of  the  celebrated  Clearing  House  Committee 
of  1893  which  rendered  such  conspicuous  service  to  the  financial  and  com- 
mercial interests  of  the  country  at  that  crucial  time.  In  the  panic  of  1907, 
as  a  member  of  the  Clearing  House  Loan  Committee,  Mr.  Wiggin  was  one 
of  those  who  effectively  stayed  the  threatened  cataclysm.  Mr.  Hepburn 
was  called  upon  to  help  in  forming  the  Federal  Reserve  Act,  and  later,  as 
already  stated,  to  aid  in  its  operation  as  a  member  of  the  Federal  Ad- 
visory Council. 

The  forty-five  years  of  continuous  and  successful  growth  of  the  Chase 
National  Bank  has  been  made  possible  not  only  by  the  wisdom,  energy, 
and  devotion  of  the  men  who  have  guided  its  destinies,  but  also  by  an  ever- 
growing corps  of  earnest  workers  who  have  stood  behind  them  from  the 
beginning,  and  have  also  given  of  their  best,  in  able  work  and  unstinted 
devotion.  It  is  impossible  to  name  more  than  the  smallest  fraction  of 
these,  but  some,  whose  long  term  of  service  has  particularly  identified  them 
with  the  Bank,  should  be  remembered.  Seven  whose  periods  of  service 
of  over  thirty  years  have  now  been  terminated  by  age  or  death  were: 
Edward  M.  Coleman,  Edmund  Haight,  Lewis  W.  Harvey,  Pemberton 
Leggett,  Christian  Nauert,  Elmer  O.  Stratton,  and  Arthur  L.  Travis.  The 
following  employees  of  the  Bank,  still  active,  have  completed  thirty  years 
or  more  of  service:  William  Christie,  William  G.  Hull,  William  C.  Johnson, 
William  P.  Mitchell,  Justus  Morris,  Jr.,  Frank  R.  Pidgeon,  Theodore  B. 
Reynolds,  Thomas  Shearman,  and  Frederick  J.  Treat. 

Such  has  been  the  life  of  the  Chase  National  Bank  in  its  first  forty-five 
years.  From  a  capital  of  |300,000  to  a  capital  of  $20,000,000  with  surplus 
and  profits  of  $21,787,000;  from  deposits  of  $14,738  to  deposits  of 
$434,107,000;  from  an  official  staff  of  three  to  one  of  fifty,  and  a  clerical 
force  of  four  to  1280 — this  is  a  long  way  to  have  come  in  so  brief  a  span 
of  years.  In  the  winning  of  the  growth  so  far  achieved  has  come  ex- 
perience, knowledge,  a  widening  outlook,  and  a  larger  service,  above  all  a 
high  tradition  with  which  to  meet  and  build  the  future. 


THE    CHASE    NATIONAL    BANK 

OF  THE  CITY  OF  NEW  YORK 

57  Broadway 

September  15,  1922 

Capital $  20,000,000 

Surplus  and  Profits 21,787,000 

Deposits 434,107,000 


OFFICERS 

ALBERT    H.    WIGGIN,    President 

Vice-Presidents 

Samuel    II.    Miller  Henry    Ollesheimer 

Carl  J.   Schmidlapp  Alfred   C.    Andrews 

Gerhard   M.   Dahl  Robert   I.   Barr 

Reeve    Schley  Sherrill  Smith 

Assistant  Vice-Presidents 

Edwin   A.    Lee  M.    Hadden    Howell 

William    E.    Purdy  Alfred    W.    Hudson 

George    H.   Saylor  George  Hadden 

James  L.    Miller 

Comptroller  Cashier 

Thomas   Ritchie  William   P.   Holly 

Assistant   Cashiers 

Charles  C.   Slade  Carl    P.    Biggerman 

Charles  D    Smith  Joseph    C.    Rovensky 

S.   Frederick  Telleen  Richard  C.   Smith 

Leon   H.  Johnston  Harold  L.   Van    Kleeck 

Otis   Evereti  Herman    Knoke 

George   E.   Schoepps  William  H.  Young 

Andrew  G.   Campbell  Kenneth  C.   Bell 

William    H.   Moorhead  Franklin    H.   Gates 

Ernest  T    Love  Thomas  A.   Pyterman 

George    A.    Kinney,    Trust    OfTicer 
Manfred    Barber,    Manager   Foreign   Department 

BRANCHES 

metropolitan  branch  shoe  and  leather  branch 

fourth  avenue  at  23d  street  320  Broadway 

Henry    Ollesheimer Vice-President  A.  W.   UuDsoti. .  .Assistant   Vice-President 

F.  W.   Frazee Manager  J.    L.    ^[ili.er.  ..  .Assistant    Vice-President 

J.  A.  Greig .Assistant  Manager  Howard   Cline Assistant  Manager 

MAIDEN  LANE  BRANCH  PRINCE    STREET   BRANCH 

75  maiden  lane  565  Broadway 

Jus.    Pulvermacher Manager  F.    C.    Meyer Manager 

W    A.  Johnson .Assistant  .Manager  J.  H.  Holmes Assistant  Manager 

SEVENTH  AVENUE  BRANCH  MADISON  AVENUE  BRANCH 

seventh  avenue  at  36th  street  Madison  avenue  at  41st  street 

W.    P.   Larbig Manager  R.  W.   Hubbell Manager 

J.    R.  Wrighi Assistant  Manager  O.    F.   Stepbach Assistant  Manager 

HAMILTON    TRUST    BRANCH 

191     MONTAGUE     STREET,     BROOKLYN 

George   H\dde>i .  .Assistant    Vice-President  R.  S.  Girling Assistant  Manager 

J.  C.   Hecker,  Jr Manager  G.    I.   Pierce Assistant  Trust  Officer 

DIRECTORS 

Henry   W.    Cannon  Edward   R.   Tinker  Reeve   Schley 

Albert   II.    Wiggin  Edward   T.    Nichols  Kenneth    F.   Wood 

John    J.    Mitchell  S'ewcomb    Carlton  H.   Wendell   Endicott 

Guy  E.  Tripp  Frederick   H.   Ecker  William    M.    Wood 

James   N.    HiLL  Eugene   V.    R.  Thayer  Jeremiah    Milbank 

Daniel    C.    Jackling  Carl  J.   Schmidlapp  Henry    Ollesheimer 

Charles    M.    Schwab  Gerhard    M.    Dahl  Arthur  G.   Hoffman 

Samuel   H.   Miller  Andrew    Fletcher 


CHASE  SECURITIES   CORPORATION 

61  Broadway 

June  30,  1922 
Capital  Stock  (200,000  shares  no  par  value)          .  $10,000,000 
Surplus  and   Profits 3,089,000 


OFFICERS 

ALBERT  H.  WIGGIN 
Chairman  of  the  Board  of  Directors 

Edward  R.  Tinker 
President 

Vice-Presidents 

Halstead  G.  Freeman  Duncan  A.  Holmes 

Robert  L.  Clarkson 

William  G.  Shaible 
Treasurer 


Walter  W.  Downing 
Asst.  Treasurer 


Henry  G.   Fahlbusch 
Asst.  Secretary 


DIRECTORS 


Chellis  a.  Austin 
Thomas  Cochran 
Charles  G.  DuBois 
Gerhard  M.  Dahl 
William  P.  Holly 
John  L.  Kemmerer 
ElgoodC.  Lufkin 
Gates  W.  McGarrah 
Samuel  H.  Miller 
Seward  Prosser 


Daniel  G.  Reid 
Frederick  K.  Rupprecht 
Charles  H.  Sabin 
Charles  S.  Sargent,  Jr. 
Reeve  Schley 
Carl  J.Schmidlapp 
Theodore  Schuue 
Galen  L.  Stone 
Edward  R.  Tinker 
Albert  H.  Wiggin 


THIS  BOOK  IS  DUE  ON  THE  LAST  DATE 
STAMPED  BELOW 


AN  INITIAL  FINE  OF  25  CENTS 

WILL  BE  ASSESSED  FOR  FAILURE  TO  RETURN 
THIS  BOOK  ON  THE  DATE  DUE.  THE  PENALTY 
WILL  INCREASE  TO  SO  CENTS  ON  THE  FOURTH 
DAY  AND  TO  $t.OO  ON  THE  SEVENTH  DAY 
OVERDUE. 


FEB  2»  1940 


— /i^ 


LD  21-100m-7,'39(402s) 


Binder  > 

Gaylord  Bros..  Inc. 

Stockton,  Calif. 
T. M.Reg.U. S.Pat. Off.  ; 


M19792 


THE  UNIVERSITY  OF  CALIFORNIA  LIBRARY 


